Chinese flooring giant Jiangsu Zhengyong Flooring Decoration Material will set up an USD 85 mn flooring and wall panels plant in the Sokhna Industrial Zone, according to a Suez Canal Economic Zone statement.

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The details: The 181k sqm facility will produce PVC and recycled-material flooring and wall panels, with an annual capacity of 27 mn sqm. Some 90% of the output will be exported, with the remainder earmarked for local sale. The plant is expected to create 500 jobs.

The investment comes out of the SCZone’s July promotional tour in China, which included a stop in Jiangsu province’s capital Nanjing, where officials met with representatives from Jiangsu Zhengyong, one of the world’s largest producers of PVC, WPC, and SPC flooring products, with a footprint in multiple global markets.

DATA POINT- Egypt wants to double Chinese investment to USD 16 bn over the next four years, Trade Commissioner Abdelaziz El Sherif said last month.

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